Oil trades

SINGAPORE - Oil traded higher at more than 132 dollars a barrel Monday as the US summer driving season kicked off, underscoring concerns that output was inadequate to meet rising demand.

Tightness in the oil market has made prices sensitive to a confluence of factors, including a weak US dollar, speculative funds, an unwillingness by oil-producers to raise production and geopolitical tensions, analysts said.

In morning Asian trade, New York's main oil futures contract, light sweet crude for July delivery, was up 37 cents to 132.56 dollars a barrel, after closing at 132.19 dollars a barrel in New York on Friday.

Electronic trading on the New York Mercantile Exchange was unaffected by the US Memorial Day holiday on Monday.

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